Connecting insurance with all ecosystem partners
In the field of distribution, large and powerful initiatives have come into play during 2020. Among them, it is worth highlighting the launch, in September of that year, of Chubb Studio, belonging to the American insurer Chubb.
This study defines itself as “digital insurance in a box” and offers its more than 600 partners around the world, initially in Asia and Latin America, the ability to introduce policies in their channels in a simple and integrated way. Although recently the company has begun to expand this model in Europe.
Specifically, Chubb Studio makes agreements with companies from different sectors (Retail, E-commerce, Fintech, Banking, Airlines and Travel, Telco; and even with Brokers and Startups) to include insurance on their platforms. These products can be private label insurance, shared insurance, or direct Chubb brand insurance.
The connection between the insurance and the partner occurs through a series of connectors (or integration options), through which partners can start to market insurance in a simple and fully integrated way in their sales processes (for example, when someone requests a car in Grab, the insurance is offered automatically and the client does not have the feeling that the transport services are being managed by one party and the insurance product or service, by another).
There are several ways to integrate and among them are through widgets, API's or micro sites which can be highlighted; or directly through the adaptation of the partner's website, with whom an agreement is reached. Among the policies that are already being marketed, those for Accidents, Health, Life, Travel, Personal belongings, Insurance for SMEs or Reinsurance stand out. In addition, the company offers other types of complementary services, such as customer service or claims management.
This formula, which is proposed as a turnkey solution, allows partners to make their own adjustments in real time, as well as track sales through a dashboard and check product performance.
What is more, these types of solutions, directly related to the concept of connectivity of Liquid Insurance Ecosystems, have great benefits: for example, they do not consume technological resources from the partner and are a reliable and scalable solution, therefore they provide the best experience, both for the partner themself and also for the insured client.
Insurtechs in the Distribution Ecosystem
In the sample of this report, some companies stand out having received a significant investment, a total of 830 million dollars, which represents slightly more than 15% of the total of the proceeds in 2020. The one that obtained the most funds was Navi Technologies, an Indian financial company, with an investment of 451 million in 2020. This company, although not only dedicated to the insurance field, defines its mission as building financial services that are simple, accessible and affordable for people.
Next comes Policygenius, the American company that defines itself as the leading online insurance Marketplace in America. It is a company that raised 100 million in 2020, a round in which MassMutual and Axa Group participated. Policygenius's mission is to help people get insurance in a way that makes it easy for them to understand the options, compare prices and purchase the policy, all in the same place.
The third company is Bought by Many, an English company that offers pet insurance and is transforming the distribution of insurance in this field which received an investment of 98 millions in 2020.
The fourth company, Digit, another Indian financial services company that includes auto, travel, home and business insurance. Digit raised a total of 84 million dollars and has Fairfax Financial Holdings among its investors.
Following them, and with very different investments, 60 million the first and 28 the second, although both in India, are Acko General Insurance (the insurance company invested by Amazon and Munich Re), which has raised a total of 215 million since its creation in 2017; and True Balance, a digital wallet that allows users to access a bill payment tool, as well as other financial products, including insurance.
Navi is a Bengaluru-based firm helping to build consumer-centric businesses in the BFSI (Banking, Financial Services & Insurance) space.
Last Round: $450M in 2020
PolicyGenius is the leading online insurance marketplace that focuses on helping users to select the best insurance plan.
Last Round: $100M in 2020
Bought by many
Bought By Many is the multi-award-winning pet insurance provider that is disrupting insurance distribution.
Last Round: $98M in 2020